Optimal R&#x0026;D expenditure streams: An empirical view

Abstract

Are the simple, abstract mathematical models of optimal R&#x0026;D investment consistent with reality, or even relevant conceptual models of the R&#x0026;D investment process? In this paper we adduce evidence that suggests the answers to each of these questions is yes. The paper first presents a brief review of the key concept of a convex time-cost tradeoff… (More)